Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) told investors it has completed a C$500,000 drawdown under the C$5 million convertible credit facility with Gleason & Sons LLC for working capital, announced in October 2023.
In a statement, the company also said it has completed the C$1,050,000 drawdown under the credit facility with the lender to fund the cash payment to acquire the additional 0.5% gross revenue royalty (GRR) on the Bissett Creek project, as well as its associated transaction costs, announced in September.